Fees

Fee	Rate	Paid by	When	Goes to
Platform fee	5% of the premium	Business	At purchase, on top of the premium	Protocol, 5% of it to the pool creator
Partner fee (with the partner launch)	Set by the partner	Business, only when buying through a partner	At purchase, on top of the premium	The partner
Payout fee	2% of the gross payout	Business	At payout, deducted	Protocol, 5% of it to the pool creator
Liquidity fee	2% of the premium	Underwriters	At purchase, deducted from the premium	Protocol, 5% of it to the pool creator
Pool creation fee	25 USDC	Pool creator	At creation	Protocol
Circle transfer fee	About 0.01% from Base to Stellar; about 0.07 USDC from Stellar to Base. Shown before you confirm.	Whoever moves USDC between networks	When it is moved	Circle
Network fees	None for users			Covered through relayers

Buying through a partner

Partner purchases arrive with the partner launch. When you buy protection inside a partner's product, the premium and the protection are the same. The partner sets the fees it charges you on top of the premium. The full price, including every fee, is shown before you confirm.

Fees are fixed per pool

A pool keeps the fee rates in force when it was created. A later change to protocol fees applies only to pools created afterwards.

Maximum rates

The protocol cannot set the platform, payout or liquidity fee above 10%, or the creator share above 50% of a fee.

Example

For a 10,000 contract with a 201.25 premium that pays out 451.13:

	Business	Underwriters	Protocol	Pool creator
Premium	−201.25	+197.23
Platform fee	−10.06		+9.56	+0.50
Liquidity fee		(4.03 kept from premium)	+3.82	+0.20
Payout	+442.11	−451.13	+8.57	+0.45